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Future Retail misses Rs 3494.5 cr payment to lenders, blames Amazon dispute for delay – Economic Times

Ltd has missed a Rs 3494.56 crore payment due to their lenders on 31 December as per the terms of

the one-time restructuring agreement, the company said in a notice to the stock exchange today.

Kishore Biyani promoted hypermarket blamed the dispute with Amazon for the delay in monetising the assets – sale of small format stores – which in turn delayed payment to lenders.

“Due to ongoing litigations with NV Investment Holdings LLC, the company was not able to complete the planned monetisation of the specified business as contemplated in OTR plan to discharge the aforesaid obligations to lenders, on due date,” the exchange notification said.

The company said it will co-operate with lenders to complete the monetisation of its specified business within the next 30 days as directed by banks to resolve the current situation.

The company has one month grace period to make payment to lenders, as per the terms of OTR.